|
Enhanced internet banking security
While availing the services of internet
banking, the primary concern of all
consumers is security and protection
against fraud. People expect best
security and protection measures for
their savings and investments since
money is involved. Banks try their best
to convince their consumers that
internet banking is secure. The features
of security, just like banking services,
have been enhanced in recent times. This
should convince consumers that internet
banking is safe and needs to be opted
for in order to benefit from the
convenience offered by internet banking.
Since internet technology is improving
continually, everybody can perform all
types of online financial transaction
from their comfort zones, that is, from
their office or home. In addition to the
security and convenience, internet
banking also proves to be cost effective
due to little or no fees involved.
According to a research, certain
consumers see no benefits in the
elimination of paper works while doing
transactions. However, the truth is that
going paperless is a security in itself.
For example, the website of a bank
allows users to view their statements
and bills instantly rather than waiting
for the same for many weeks. Therefore,
there are little chances of the
telephone and credit card statements
being obtained from the thrash can or
mailbox.
The commonly used technology for
securing websites is encryption. As data
is being passed through networks or
systems, this information is accessible
by several people. Hence, the encryption
technology plays an important role in
securing such information. Confidential
information such as passwords should be
encrypted so that they do no get leaked
to others. Another security measure is
that usage of digital signatures which
used the encryption method.
While encryption is the most widely used
method for securing information, there
are a few leading banks which use
SiteKey, which is the latest web-based
tool for security. This tool implements
a different type of process for
authentication with the main goal being
the avoidance of phishing, which is a
fraudulent activity online.
The usage of passwords and usernames
along with PINS and identification
numbers are the features of standard
security measures taken by almost all
the banks. Therefore, it is advisable
not to share confidential information
with anyone in order to avoid identity
theft.
Another safeguard used by banks is email
alert. With this, consumers are alerted
either through a text message or e-mail
whenever a suspicious transaction takes
place such as large sum withdrawals,
when e-mails are received from phishers
or when an account is being accessed
with a wrong password.
Almost all the leading banks give
scanned images of the checks which have
been cancelled. The image of the check
consists of both the front and back view
of the check. This helps consumers to
verify the amount, the checks number as
well as the payee which helps when
he/she forgets these details.
Banks take all the necessary measures to
protect the hard-earned money of their
consumers by providing the best security
inline. This has increased the demand
for internet banking. |
